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Shire plc: Strong Third Quarter and Increased Non GAAP Earnings Expectations
Date:10/24/2013

.6 million), and tax effect of adjustments;
  • Acquisitions and integration activities: Up-front payments made to Sangamo Biosciences Inc. and for the acquisition of the US rights to prucalopride (marketed in certain countries in Europe as RESOLOR) ($23.0 million), costs associated with acquisition of FerroKin and the integration of ABH ($11.8 million), charges related to the change in fair value of contingent consideration ($3.3 million), and tax effect of adjustments;
  • Divestments, reorganizations and discontinued operations: Re-measurement of DAYTRANA contingent consideration to fair value ($16.5 million);
  • Legal and litigation costs: Costs related to the litigation, government investigations, other disputes and external legal costs ($40.4 million), and tax effect of adjustments; and
  • Depreciation reclassification: Depreciation of $84.2 million included in Cost of product sales, R&D costs and SG&A costs for US GAAP separately disclosed for the presentation of Non GAAP earnings.

  • Unaudited results for the three months and nine months to September 30, 2013

    Non GAAP reconciliation

    The following table reconciles US GAAP net cash provided by operating activities to Non GAAP cash generation:

    3 months to September 9 months to September 30, 30, 2013 2012 2013 2012 $M $M $M $M Net cash provided by operating activities 433.7 288.4 852.7 1,011.2 Tax and interest payments, net 48.1 66.8 260.6 150.9 Up-front payments in respect of in-licensed and acquired products - - - 23.0 Non GAAP cash generation 481.8 355.2 1,113.3 1,185.1

    The following table reconciles US GAAP net cash provided by operating activities to Non GAAP free cash flow:

    3 months to September 9 months to September 30, 30, 2013 2012 2013 2012 $M $M $M $M Net cash provided by operating activities 433.7 288.4 852.7 1,011.2 Up-front payments in respect of i
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    SOURCE Shire plc
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